Zacks Investment Research cut shares of Colfax Corp. (NYSE:CFX) from a hold rating to a sell rating in a research report report published on Tuesday.
According to Zacks, “We believe that positive impacts from Colfax's diversified product portfolio, business in emerging markets and cost-saving strategies are more than offset by risks arising from headwinds including uncertain global economic conditions, unfavorable forex movements and stiff competition. In second-quarter 2016, the company's earnings of $0.41 per share declined 18% year over year while revenues were down 6.6%. For 2016, the company remains cautious of unfavorable operating conditions in some end-markets and forex woes. Over the last 60 days, the Zacks Consensus Estimate for 2017 has been lowered.”
Other equities analysts also recently issued research reports about the company. Cowen and Company reiterated a buy rating on shares of Colfax Corp. in a research note on Friday, June 10th. Barclays PLC reiterated an equal weight rating and set a $28.00 price target (up previously from $26.00) on shares of Colfax Corp. in a research note on Monday, July 18th. Finally, Citigroup Inc. lifted their price target on Colfax Corp. from $25.00 to $26.00 and gave the company a sell rating in a research note on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $30.17.
Colfax Corp. (NYSE:CFX) opened at 30.26 on Tuesday. Colfax Corp. has a 52 week low of $18.22 and a 52 week high of $33.63. The stock’s 50 day moving average price is $29.80 and its 200-day moving average price is $28.90. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 29.99 and a beta of 1.59.
Colfax Corp. (NYSE:CFX) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The business earned $957.20 million during the quarter, compared to the consensus estimate of $943.50 million. Colfax Corp. had a return on equity of 5.55% and a net margin of 3.23%. The company’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 EPS. On average, equities research analysts forecast that Colfax Corp. will post $0.71 earnings per share for the current fiscal year.
In other Colfax Corp. news, SVP A. Lynne Puckett sold 21,037 shares of the business’s stock in a transaction on Friday, September 30th. The shares were sold at an average price of $31.00, for a total transaction of $652,147.00. Following the sale, the senior vice president now owns 20,370 shares of the company’s stock, valued at approximately $631,470. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 10.50% of the company’s stock.
Large investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Colfax Corp. during the second quarter worth about $43,724,000. Teachers Advisors Inc. boosted its stake in shares of Colfax Corp. by 1,262.6% in the second quarter. Teachers Advisors Inc. now owns 1,511,654 shares of the company’s stock worth $39,998,000 after buying an additional 1,400,718 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Colfax Corp. by 19.3% in the second quarter. Principal Financial Group Inc. now owns 8,020,663 shares of the company’s stock worth $212,227,000 after buying an additional 1,299,735 shares during the last quarter. Golub Group LLC acquired a new stake in shares of Colfax Corp. during the second quarter worth about $15,773,000. Finally, FMR LLC boosted its stake in shares of Colfax Corp. by 51.9% in the second quarter. FMR LLC now owns 1,726,480 shares of the company’s stock worth $45,683,000 after buying an additional 589,700 shares during the last quarter. 78.33% of the stock is currently owned by institutional investors and hedge funds.
About Colfax Corp.
Colfax Corporation is an industrial manufacturing and engineering company. The Company provides gas and fluid-handling and fabrication technology products and services to commercial and governmental customers around the world under Howden, ESAB and Colfax Fluid Handling brand names. The Company’s segments include Gas and Fluid Handling, and Fabrication Technology.